The next-generation of interoperable blockchain frameworks are being built upon:
UTXO Transaction Models / State Transitions Proof-of-Authority (POA) / Proof-of-Stake(POS) Aura / Avalanche / Next-gen BFT Consensus Mechanisms SNARGS / Privacy Computation / Zero Knowledge Proofs Formally Verifiable Contracts and Agents Committees / Validator Sets / Routings / Attestations / Digital Jury Sharded sets of compute / storage / consensus TEEs / Secure Enclaves / encrypted ledgers Beacon Chains / Randomness / threshold relays IBC / IPFS Mulithash / Multiprotocol / Extrinisics / Intrinsics Blockchain Middlewares and Modules Web Assembly Virtual Machines / WASM Data Commons / Marketplaces / Exchanges Governance structures, rewards, penalty’s Distribution mechanisms There is an underlying meta-surface or substrate that is being built that not only acts as a way of inter blockchain communication but provides the ability to stand up ones own network. There will be a network of interoperable global blockchain networks that are transferring value leveraging a number of methods to cryptographically check the validity of transfers using smart contract mechanisms powering the convergence of money, goverance and technology. There is a protocol for reference for multiple blockchain systems that leverage Bitcoin and Ethereum like transaction order and verification mechanisms.
There is a confluence of factors which will lead to development of multiple blockchain protocols that are local to specific regions but that interact with the substrate layers. These sections / zones will have their own form and order of transactions that are not part of the global utxo set. The utxo sets will be using the same replicated state machine set of nodes with different validator sets of utxos. There will be an ibc of blockchain nodes that are used for consumer and business applications. There will need to be the use of multihash format for a set of transactions that are traversable between the nodes in the network layer. The substrate layer is ideal for creating ones parachain that is referential to other headers and the agreed upon state of that blockchain transactions.
A traversable and interoperable internet of decentralized blockchain networks leads to:
Verifiable transactions that are irreversible, traversable and able to be trusted as the agreed upon and signed part of the global set of state. There is basically this new form of innovation that is fundamental to this next version of the internet in signed verifiable transactions analogous to the hyperlink. Being able to transfer value, assets and tokenized cryptographic application network assets that are publicly verifiable and owned leveraging public private key infrastructure. This will lead to a global shift in the wealth creation and digital asset class management and the ways that we trade new forms of money that have been built from 0 with first principles in mind on these breakthrough networks. True censorship resistant, ownership of the digital assets and data we create. The ownership of data that is again verifiable and immutable and completely disinterested in anything but protocol / consensus rules is foundational to the shift that we are seeing. Applications of privacy computation or snargs, snarks and zero knowledge computation that is ultimately much more computational heavy but enables a digest of data to be verified without disclosure of data. This has implications for every blockchain system but in addition the timing of is advent is with the ongoing improvement in the cost of computational resources which we can anticipate will continue to improve over time and increase it its speed / usability over time. stored smart contract execution mechanisms that can programmatically transfer value whether it be between people or machines. This is the first time that value has become packets and the incentive structures of people or systems of computation have an understanding and can act in a way that is beneficial for the system in addition to detrimental for the participant if they choose to cheat. These cryptoeconomic breakthroughs will continue to be the foundation for the governance mechanisms the rules that we create, the authorities that we agree upon and the systems that we build. What is happening is profound in that at the same time the security model of the incumbents is unraveling, these new tools are emerging as the response. The protocols that are developing today will ultimately set the stage for the future of computing and society over the next decade and similarly to the last revolution a few are in the position to be able to decide how this technology is distributed and how it develops over time in its governance, scale and ethos. One of the most important primitives of all of this is that these systems provide cryptographic state level power in the hands of the key holder to verify against a permissionless system that is a set of networks and its constitutes. We are just beginning to see the affect the cryptoeconomics and web3 will have on the world.
For more reading check out:
Parity Labs: Polkadot Substrate